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Making America The Crypto Capital Of The World To Beat China
President Donald Trump stated on Wednesday that he signed the landmark stablecoin legislation known as GENIUS last year partly to gain political support and partly to keep China from leading the industry.
“[I]t is politically popular,” said Trump on crypto. “But it’s, much more importantly, we have to make it so that China doesn’t get the hold of it. And once they have that hold, we’re not going to be able to get it back.”
Trump’s speech on Wednesday marked the second time the US president addressed the World Economic Forum since returning to the White House in January 2025. Speaking virtually from Washington, D.C. at the WEF’s 2025 meeting, Trump promised to make the US the “world capital” of artificial intelligence (AI) and crypto.
President Trump Promises Crypto Legislation “Very Soon”
President Trump added that Congress is now working on broader market structure rules, which he said he hopes to sign “very soon.”
 
“Now Congress is working very hard on crypto market structure legislation, which I hope to sign very soon, unlocking new pathways to reach financial freedom,” Trump said during his wide-ranging speech in Davos.
As ZyCrypto previously covered, just before the Senate Banking Committee was set to vote on the market structure bill last week, behemoth crypto exchange Coinbase suddenly pulled its support, citing concerns about provisions on stablecoin rewards, tokenized equities, and regulatory scope, and the Committee postponed its hearing to vote on the bill at the last minute.
On Tuesday night, Patrick Witt, the executive director of President Trump’s digital assets council, claimed that the bill needs to be passed before it loses momentum.
“‘No bill is better than a bad bill’ — What a privilege it is to be able to say those words thanks to President Trump’s victory, and the pro-crypto administration he has assembled,” Witt said on X, paraphrasing remarks from Coinbase CEO Brian Armstrong.
As of press time, the US Senate Banking Committee had not rescheduled its hearing on the crypto market structure bill, and some lawmakers and industry pundits have suggested it could be weeks before the bill returns and gets to the president’s desk.